The Super Bowl this year, with its myriad crypto ads, has not produced the results that were needed, a Financial Times report says.
Crypto companies ended up shelling out millions on various star-studded ads which pushed crypto trading as “the next big thing.”
However, that might not be panning out two months later, the report says, with trading in crypto markets sluggish due to numerous factors that have dampened investors’ spirits like the Ukraine war and rising interest rates.
“We did not see a massive influx of retail investors into crypto after the Super Bowl ads,” said Noelle Acheson, head of market insights at Genesis Trading. “Volumes are low because of a huge amount of uncertainty in the markets.”
The report notes that measuring crypto activity is difficult because there are a lot of trading venues around the world which are subject to varyingly little amounts of regulatory oversight. And the data has been uncertain as well.
The measures show a drop in trading activity as of late, with The Block Legitimate Index showing spot crypto volumes remaining below $1 trillion every month this year. That’s a disappointment after the numbers were above that nine out of 12 months in 2021.
PYMNTS wrote that the Super Bowl crypto ads hadn’t really seemed to drive a huge amount of new users for the platforms’ apps.
See more: Data: Crypto App Downloads Decline Despite Super Bowl Hype
The platforms involved in the ads included Coinbase, FTX and Crypto.com, which all released ads during the Super Bowl, which came as the U.S. app store downloads fell for those apps in the week prior.
Coinbase said it had been the second-highest slot on Apple’s rankings of top free apps, although there wasn’t a consensus on what that meant.
Coinbase’s ad was a minute long and had a blank screen with a moving QR code, which would offer more information and a giveaway of $15 in bitcoin for new users.
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